15 February 2008 15:52 [Source: ICIS news]
LONDON (ICIS news)--ENI reported a €91m ($134m) adjusted net loss on petrochemicals for the fourth quarter of 2007 as margins were hit by high feedstock costs not recovered in product prices, the company said on Friday.
The shift of €232m from the €141m profit reported a year earlier was mainly due to the drop in margins in commodity chemicals as the higher costs of oil-based feedstocks were not fully recovered in sales prices, the Italian energy giant said.
The refining and marketing division saw a net loss of €26million in the quarter, compared with a profit of €115million a year earlier on a weak trading environment that, ENI said, penalised its complex refineries.
Group operating profits for the quarter, however, were up 10.8% at €5.29bn on an adjusted basis (adjusted for inventory effects and special items) on better exploration and production numbers driven by higher realisations, it said.
The group’s adjusted net profits for the quarter were up 13.7% at €2.68bn.
Meanwhile, ENI’s full-year petrochemicals profits were down 67.2% at €174m on weaker commodity chemicals margins and the group's adjusted net profits were down 9% at €9.47bn.
($1 = €0.68)
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